Grab to buy Singapore's third-largest taxi company Trans-Cab for around $100 million

📆 7/20/2023 4:15 AM
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SINGAPORE - Ride-hailing giant Grab is acquiring Trans-Cab, Singapore’s third-largest taxi operator. The purchase – for an undisclosed amount but understood to be around $100 million – includes some 2,200 taxis and more than 300 private-hire vehicles which Trans-Cab owns. Sources told The Straits Times that negotiations started only two months ago, and the transaction is slated to be completed...

SINGAPORE - Ride-hailing giant Grab is acquiring Trans-Cab, Singapore’s third-largest taxi operator.

If concluded, Trans-Cab will be the first Singapore taxi company to be acquired by United States-listed Grab, which has been trying to buy a cab operator for several years now. But earlier in 2023, SMRT Taxis – which has since been rebranded as Strides – bought Premier Taxis, and their combined fleet of about 2,500 vehicles now exceed Trans-Cab’s. ComfortDelGro remains Singapore’s largest taxi operator with around 8,800 taxis, or just over 60 per cent of the market.The ride-hailing firm, which is in other businesses such as food delivery, finance, insurance and payments, has been incurring losses since it was started in 2012.

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Grab to buy S’pore’s third-largest taxi company Trans-Cab: SourcesThey said negotiations started two months ago, and the transaction is slated to be completed this week. Read more at straitstimes.com.
Source: straits_times - 🏆 5. / 69 Read more »